Crypto News: Next Africa: Keeping it close

Welcome to Next Africa, a daily newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. In today’s edition, we look at Guinea’s decision to clamp down on gold exports. And:

Johannesburg’s city council is running out of money
Vedanta plans to invest more on its Zambian copper mine
Morocco is on an international football hot streak

Export Curbs

Guinea’s leader has instructed gold producers operating in his country to refine their metal in a new facility in the capital, Conakry.

The directive is the latest attempt by President Mamadi Doumbouya, a coup leader who won December elections, to generate more cash from minerals and industrialize the impoverished West African nation.

His local processing push was previously targeted mainly at the bauxite industry, which supplies China’s aluminum smelters, and he has been successfully cajoling investors to develop plants that can manufacture alumina, an intermediate product.

Doumbouya also expects the companies behind the massive Simandou iron ore project, including Rio Tinto and Chinese state-owned behemoths, to build a factory to produce iron pellets or steel.

Mafrinyah, Guinea (September 2, 2025) - The Morebaya Port in Guinea is being built at Guinea's Atlantic Ocean Coast. It will be the end stop of 600-kilometres rail line built to ship iron-ore from Simandou to the coast. Photographer: Ricci Shryock/Bloomberg — Construction of the Morebaya Port, Guinea.

But unlike the policies affecting the bauxite and iron ore producers, which are required to process a relatively small portion of overall output in Guinea, the president wants the Conakry refinery to handle all gold mined in the country.

The directive follows a trend among mineral-rich African governments from Ghana to Zimbabwe that have been overhauling the status quo with a flurry of reforms to rein in oversupply, boost domestic refining and steer mines toward local ownership.

Guinea is Africa’s sixth-biggest bullion producer, according to the World Gold Council. Artisanal operations, which account for most of that volume, are likely the government’s principal target as it bids to curb smuggling and formalize the industry.

But Doumbouya’s announcement on state television left unanswered questions for the handful of large-scale commercial mines owned by firms like AngloGold Ashanti and Predictive Discovery.

It isn’t clear when the refinery will open — the president claimed it will be a matter of days, while his mines minister said it would be weeks.

The facility will also lack international certifications, at least at first. That means mining firms, which already produce doré bars that can contain more than 90% gold, may have to re-refine their bullion overseas.

The joint venture between Guinea’s government and private investors is also the subject of arbitration proceedings, creating additional uncertainty about how it will operate.

As ever, the devil will be in the detail. — William Clowes and Ougna Camara

TOPSHOT - Residents watch television next to a poster depicting Guinea President Mamady Doumbouya ahead of the announcement of provisional official referendum results in Conakry, on September 23, 2025. Guineans flocked on September 21, 2025 to vote on a draft constitution that would pave the way for elections but also allow the junta leader who seized power four years ago to run for president. (Photo by PATRICK MEINHARDT / AFP) (Photo by PATRICK MEINHARDT/AFP via Getty Images) Photographer: PATRICK MEINHARDT/AFP — Residents watch TV next to a poster of Doumbouya in Conakry on Sept. 23.

What Everyone’s Reading

Johannesburg, South Africa’s economic hub, has halted some essential services because it can’t pay for fuel, the main opposition party in the nation’s biggest city says. The crisis adds to its financial woes with the municipality mired in corruption scandals and unable to provide reliable water, electricity and other basic services.

A self-appointed traffic controller directs traffic, to make money from driver tips, while traffic lights are down during a power shutdown, known locally as loadshedding, in Johannesburg, South Africa, on Tuesday, May 23, 2023. Africa's richest city was built on gold, but it’s now defined by chaos, crime and corruption more than ever and encapsulates the wider collapse of basic services across South Africa. Photographer: Leon Sadiki/Bloomberg — A person directs traffic for tips while traffic lights don’t work in Johannesburg.

Morocco left interest rates unchanged, seeking to keep borrowing flowing for a football World Cup-linked building boom while guarding against inflationary risks as the US and Iran try and reach a lasting peace deal. The North African nation’s economy has been recording its fastest growth since 2021, bolstered by better agricultural harvests and an infrastructure spending spree ahead of it co-hosting the 2030 showpiece tournament.

WeLight, which operates more solar mini-grids in Africa than any other company, said the International Finance Corp. bought a stake in the business, backing its expansion into Nigeria and the Democratic Republic of Congo. Sub-Saharan Africa has about 565 million people without access to electricity, about 80% of the world’s total.

South Africa has seen a wave of xenophobic attacks and demonstrations against the presence of undocumented migrants in recent months, and there are mounting concerns that the violence will escalate ahead of a June 30 deadline protesters have given foreign nationals to leave the country. Our explainer looks at why the violence keeps flaring.

TOPSHOT - As the sun sets a few foreign nationals light a fire to keep warm from the winter cold at the Sherwood Park in Durban on June 13, 2026 as more than 7,000 people, mostly Malawian nationals, await another night before repatriation to Malawi. The situation reflects growing tensions fuelled by public frustration over chronic unemployment and slow economic growth. South Africa is home to millions of foreign nationals, many of whom have migrated from other African countries in search of better opportunities. Hundreds of migrants await repatriation to Malawi from South Africa following xenophobic violence in the country. (Photo by Rajesh JANTILAL / AFP via Getty Images) Photographer: RAJESH JANTILAL/AFP — Foreign nationals seeking refuge at a park in Durban on June 13.

Vedanta Resources plans to sell an 11.9% stake in a US-based unit to raise about $372 million to develop its Konkola Deep copper mine complex in Zambia. Mining executives are increasingly focused on copper amid expectations that supply will struggle to keep pace with demand from electric vehicles, renewable energy, power grids and AI infrastructure.

The patient is the first Ebola case to be identified outside the region in the current outbreak.

France Finds Ebola in Humanitarian Doctor Returning From Congo

A doctor who returned to France after doing humanitarian work in eastern Congo has Ebola, according to the French health ministry, which is working to trace possible contacts to ensure they isolate.

Investec CEO Sees South Africa Growth Rate Tripling by 2030

Investec CEO Fani Titi expects South Africa’s economic growth rate to climb as bottlenecks in electricity, logistics and other infrastructure ease.

Africa Newsmaker

Morocco celebrate winning their FIFA World Cup match against Spain on Dec. 6. Photographer: Javier Soriano/AFP/Getty Images — Morocco celebrate winning their World Cup match against Spain in Qatar in 2022.

Morocco’s national football team is reportedly on a world record unbeaten streak. The men’s side has officially not lost in 39 consecutive international matches, surpassing previous runs by Italy and Argentina. The milestone includes victory in the Africa Cup of Nations final that was awarded to the team after Senegal was punished for an on-field protest (that ruling is being challenged). Morocco faces Haiti at 6pm in Atlanta on Wednesday in its final game of Group C in the 2026 World Cup.

Last Word

Tonino Lamborghini is partnering with Zimbali Lakes Resort to develop a luxury hotel and branded residences near Durban. The project underlines a wave of developments, including Club Med’s first resort in South Africa and premium lifestyle estates, that are reshaping the KwaZulu-Natal province’s North Coast. The region is emerging as a popular base for wealthy South Africans seeking an alternative to Cape Town that offers warm weather and an outdoor lifestyle. The portfolio of Lamborghini — the son of famed auto designer Ferruccio Lamborghini — also includes developments in Dubai and Brazil with upcoming projects in India and Thailand.